HOUSTON — It’s much too soon to know the extent of the damage Hurricane Irma has inflicted on Florida and the Southeast, but a clearer view is starting to emerge with regard to the total impact that Hurricane Harvey has had on the Houston commercial real estate market. Hurricane Harvey, a Category 4 storm that made landfall on Aug. 25 near Rockport, Texas, was the strongest storm to hit the Texas Gulf region since 1961, according to CBRE Research. The hurricane dumped more than 50 inches of rain across the region in a matter of days and caused extensive property damage due to flooding. Moody’s Analytics estimates that the hurricane caused anywhere from $81 billion to $108 billion in property damage and economic loss, including the closing of Port Houston and many oil and gas refineries. If these estimates are correct, this would make it the second costliest natural disaster in the history of the United States, only trailing Hurricane Katrina in 2005. Just a few weeks later, Hurricane Irma became the first Category 4 storm to make landfall in Florida since 2004. In its wake, the hurricane has caused severe damage in Miami, the Florida Keys and Naples, as …
DALLAS — Michaelson Real Estate Group LLC and a private equity investor have acquired Chesapeake Apartments, a 126-unit multifamily community located at 11620 Audelia Road in Dallas. Built in 1982, the property offers one- and two-bedroom units and recently underwent renovations to its roof and exterior. Amenities include two pools, a business center, picnic area and covered parking. The property was 98 percent occupied at the time of sale.
GAHANNA AND WESTERVILLE, OHIO — Hunt Mortgage Group has provided $21 million in refinancing for two multifamily properties in Columbus. The financing consists of a $19.5 million Fannie Mae loan and a $1.4 million mezzanine loan. The 10-year loans feature 30-year amortization schedules. The properties include The Reserve at Walnut Creek and The Ravines at Rocky Ridge. The Reserve is located at 5930 Sunbury Road in Gahanna, a northeast suburb of Columbus. Built in 2014, the property includes seven buildings and 148 units. Amenities include a clubhouse, movie theater, fitness center and pool. The Ravines is located at 5700 Rocky Ridge Landing Drive in Westerville, also a northeast suburb. Built in 2014, the property features 136 units. Amenities include a clubhouse, fitness center, recreation room and pool. Both properties are currently owned by single-asset entities.
CHICAGO — Interra Realty has brokered the sale of a multifamily property in Chicago’s Hyde Park for $6.5 million. The 75-unit property is located at 5736 S. Stony Island Ave. The building, which borders the University of Chicago, features 43 studio apartments, 29 one-bedroom and three two-bedroom units. Craig Martin of Interra represented both the buyer and seller. The purchaser was a privately held national real estate investment firm and the seller was a private owner.
COLORADO SPRINGS, COLO. — A joint venture between Griffis/Blessing Inc. and Freshwater Investment has purchased the 280-unit Lamplight Square at the Park Apartments in Colorado Springs for $41.1 million. The community is located at 6236 Twin Oaks Drive. Lamplight Square was built in 1984. Community amenities include a clubhouse with leasing office and business center, fitness center, coffee bar, swimming pool, spa, picnic area, courtyard and covered parking.
TALLAHASSEE, FLA. — Asset Campus Housing has completed development of Domain at Tallahassee, a 125-unit student housing property located half a mile from Florida State University. Meeks + Partners was the architect for the project, which features a swimming pool, computer lab, study lounge and a fitness center. The five-story community offers a mix of one- to four-bedroom units ranging in size from 659 to 1,399 square feet. Domain at Tallahassee began leasing for students entering the fall 2017 semester.
SANFORD, FLA. — KeyBank Real Estate Capital has secured a $10.1 million Fannie Mae Loan for Dalton Place Apartments, a 172-unit multifamily community in Sanford, a city in Central Florida. Hayley Suminski of KeyBank arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. Proceeds of the loan were used to refinance existing debt. Constructed in 1985, Dalton Place features a swimming pool, playground, tennis court and a picnic area.
JERSEY CITY, N.J. — Fisher Development Associates has completed Vantage, a residential tower located at 33 Park View Ave. in Jersey City’s Liberty Harbor North neighborhood. The 45-story tower features 448 studio, one- and two-bedroom apartment units. Designed by S9 Architecture, the tower features floor-to-ceiling windows, nine-foot ceiling heights, wood flooring, recessed LED lighting, in-home washer and dryer units, and energy-efficient systems. Amenities include a 24-hour concierge, cyber café, health club, children’s playroom, business center, conference room, screening room, dining area and an enclosed parking garage. Outdoor amenities include a swimming pool, lounge, landscaped area and full-court basketball court.
ALBANY, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a four-property multifamily portfolio located in the greater Albany area. ROCO LLC acquired the portfolio from GGMW LLC for an undisclosed price. Totaling 274 units, the portfolio includes the 80-unit Willowbrook Luxury Apartment Homes, the 73-unit Greenbush Terrace community for residents who are 55 or older, the 20-unit Maplewood Estates, and the 101-unit Greenbush Station. Victor Nolletti, Steve Witten, Eric Pentore and Wes Klockner of IPA represented the seller and procured the buyer in the deal. J.D. Parker of Marcus & Millichap is the broker of record in New York.
MURRAY, UTAH — A Seattle-based investor has acquired the 400-unit Lionsgate apartments in Murray or $67.2 million. The community is located at 136 W. Fireclay Ave., eight miles south of Salt Lake City and 40 miles north of Provo. Lionsgate features one- to three-bedroom floorplans that range from 942 square feet to 1,165 square feet. Danny Shin of Marcus & Millichap represented both the buyer and seller, a local owner, in this transaction.